We all know that the cost of sending children to school and third-level education continues to be a significant financial cost.
Recent research, conducted by iReach on behalf of Zurich in Ireland, forms part of a long-running series examining the cost of education. This year’s findings show that third-level education continues to place a heavy strain on family finances, with accommodation emerging as the single most significant expense! The average cost of rented student accommodation now stands at €7,960 with on-campus accommodation costing €8,384. Families continue to have to juggle their financial and living arrangements in response to rising college accommodation costs and continued pressure in the rental market.
The research shows that many parents continue to underestimate the cumulative cost of third-level education — particularly when accommodation, college fees, transport, and day-to-day living expenses are taken into account. As these costs mount, more than half (53%) of parents are already relying on family savings to help cover them, highlighting the growing need to plan and prepare well in advance.
Our advice is to start saving early and set up a long-term savings plan. Saving a small amount on a regular basis can make a difference over time. This is where we come in – we can help you make the most from your savings and advise you which funds to choose.
